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Sort-Term Car Insurance Hassles
Grahamknott
Posts: 6 Forumite
in Motoring
Hi
I have an old car which I intend to take to the local scrapyard in the near future. I will not replace it with another car for the time being. Unfortunately, my current insurance company would charge me a £75 cancellation fee, plus what appears to be "an additional amount", which turns out to be a percentage based based on the period of cover (100% in my case - i.e. a thundering lot). Oh, and I believe there's an 'administration charge' of £30 as well.
I intend, therefore, to have the car scrapped the day after the insurance policy expires. Not wishing to break the law (this after some 40 years of spotless driving), I have tried to find a short-term insurance policy, preferably one lasting just 24 hours. This would enable me to drive my car to our local scrapyard, fully insured and with a clean conscience. This, however, has proved to be impossible. Insurers like Tempcover refuse to insure a vehicle worth under £1,000 for such a purpose*. Other short-term insurers simply rule out the sale of any vehicle as part of their (many) exemptions. So it seems that I have two choices: (1) either I play the law-abiding driver and as a result, allow myself to be robbed blind; or else (2) I break the law and risk the consequences.
One lesson I have have learnt here is that it is often a false economy to go with a 'dirt cheap' car insurance company. Cheap they may appear at first sight, but put a foot wrong and you quickly encounter all manner of hidden costs lurking just beneath the surface. The old adage: 'penny wise, pound foolish' springs to mind.
Still, if anyone out there has any helpful advice concerning my present fix, I'd be very appreciative to hear it.
Regards,
GK
*My old banger isn't worth much more than a bag of sweets, I'm afraid to say.
I have an old car which I intend to take to the local scrapyard in the near future. I will not replace it with another car for the time being. Unfortunately, my current insurance company would charge me a £75 cancellation fee, plus what appears to be "an additional amount", which turns out to be a percentage based based on the period of cover (100% in my case - i.e. a thundering lot). Oh, and I believe there's an 'administration charge' of £30 as well.
I intend, therefore, to have the car scrapped the day after the insurance policy expires. Not wishing to break the law (this after some 40 years of spotless driving), I have tried to find a short-term insurance policy, preferably one lasting just 24 hours. This would enable me to drive my car to our local scrapyard, fully insured and with a clean conscience. This, however, has proved to be impossible. Insurers like Tempcover refuse to insure a vehicle worth under £1,000 for such a purpose*. Other short-term insurers simply rule out the sale of any vehicle as part of their (many) exemptions. So it seems that I have two choices: (1) either I play the law-abiding driver and as a result, allow myself to be robbed blind; or else (2) I break the law and risk the consequences.
One lesson I have have learnt here is that it is often a false economy to go with a 'dirt cheap' car insurance company. Cheap they may appear at first sight, but put a foot wrong and you quickly encounter all manner of hidden costs lurking just beneath the surface. The old adage: 'penny wise, pound foolish' springs to mind.
Still, if anyone out there has any helpful advice concerning my present fix, I'd be very appreciative to hear it.
Regards,
GK
*My old banger isn't worth much more than a bag of sweets, I'm afraid to say.
0
Comments
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Take it to the scrapyard the day before the insurance expires would seem to the best option.
Or get the scrapyard to collect it, you'll get slightly less cash this way though.0 -
Use http://www.cartakeback.com/ they'll collect, and paid me more than me taking it to a scrapyard.0
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Why are you going to wait till the insurance expires? Scrap it the day before it expires or even the same day.Be Alert..........Britain needs lerts.0
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